News and Information
September 17, 2014

Comments Sought on Proposed Amendments to the Clients’ Protection Fund Rules

The Clients’ Protection Fund Board is seeking public comment on proposed amendments to the per attorney and per claim limits on payments from the fund. Comments should be submitted in writing to Karen A. Gould, Executive Director, Virginia State Bar, 1111 E. Main Street, Suite 700, Richmond, VA 23219-3565 or publiccomment@vsb.org, no later than the end of the business day on October 16, 2014.

On September 12, 2014, the Clients’ Protection Fund Board voted unanimously to recommend that the VSB Council amend the Clients Protection Fund Rules to increase the per attorney limit from 10 percent to 15 percent of the net worth of the fund and to increase the per claim limit from $50,000 to $75,000.

The current per claim limit of $50,000 has been in place since July 1, 2000, and the per attorney limit of 10 percent of the net worth of the fund has been in place since October 1986. 

As of August 31, 2014, the CPF balance was $7.6 million. Legislation continuing the $25 CPF assessment (Code of Virginia section 54.1-3913.1) until June 30, 2020, was passed by the 2014 General Assembly.

The CPF board’s recommendations will be considered by the VSB Council at its October 24, 2014, meeting.

view the proposed rule changes

Updated: Sep 17, 2014